BNB Faces Resistance at $220 as Altcoin Corrects Upwards

The altcoin has attained a high of $218.80, but this level is rejected. The purchasers are struggling to maintain the price above $220. The resistance at $220 was the previously broken support.

The support is currently a hindrance. If the BNB price surpasses the $220 threshold, it will advance above the moving average lines or the $240 high. The uptrend will persist until $260 is reached.

Nonetheless, if the bullish scenario is refuted, the altcoin will decline and be compelled to trade between $200 and $220. In the meantime, the altcoin is falling and has reached a new peak of $214.

The crypto asset is correcting upwards and approaching the level of the Relative Strength Index 42 for period 14.

The price line is marginally above the 21-day simple moving average (SMA). BNB will rise if the 21-day support SMA holds. The altcoin has entered an overbought market segment.

The momentum is negative, and the daily stochastic value is below 80.

BNB has recovered but must still surmount the $220 level of resistance. The cryptocurrency asset is declining and may be compelled to oscillate between the price levels of $200 and $220.

If the coin can surmount the resistance at the recent high, it will regain momentum.

It was reported last week that this would be the second outbreak. On the initial breakout, the market dropped to a low of $203, but bulls purchased the declines.